중국진출 국내 은행의 서비스 현지화 전략에 관한 연구

Localization Strategies for Korean Banks in China's Financial Market

Each bank which enters the China market has its own reasons. But, in general, the main purposes are for market expansion to meet China's huge demand, for diversifying revenue structure with the yuan emerging as a key currency and for building business networks in China in view of its rapid rise as a G2 country. The importance of China' financial market while growing as a G2 country has therefore increased. Wooribank China has used diverse strategies, including strategic business alliances, to expand financial services in China and undertake plans to ensure its ongoing competitiveness. Strategies in China can be divided largely into four kinds: active network expansion, product and service differentiation, talent hunt and workforce localization and Contributions via CSR activities for the local community. The purpose of this study to clarify the characteristics and difference of Wooribank China which we rated as having the most aggressive localization strategy than those of Korean banks based on present conditions in China. We were able to verify that the fast execution of these strategies of Wooribank China formed the basis of its growth. Also, Korean banks which enter or have entered China need to carefully cope with the market and law trends. This is because even if they entered the Chinese market successfully, this may not be guaranteed in the future due to the number of expected challenges, both inside and outside the country. This suggests that continuous diagnosis of the bank's operating strategy for competing with local Chinese large banks and global banks must be done.